Global Financial Crime Report 2024 Highlights Devastating Fraud Losses

The Rise of Sophisticated Fraud Threats

In an era where global financial services related crime is becoming increasingly sophisticated, robust compliance mechanisms are essential. According to NASDAQ’s Global Financial Crime Report 2024, fraud losses totalled $485.6 billion from a range of devastating fraud scams and bank fraud schemes, worldwide. While fraud has always been a persistent threat in the financial sector, over the years, the volume and sophistication of these threats have increased with technological advancements.

Cyber Fraud: A Growing Concern in India

According to the Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS), India Lost Rs 11,333 Crore to Cyber Fraud in 2024 and nearly 12 lakh cyber fraud complaints were recorded during the time period. These figures highlight an urgent reality: fraudsters are not waiting for the industry to catch up. It is imperative that the financial services community acts now to protect all participants and build a stronger financial ecosystem.

The Need for Robust Compliance Mechanisms

Over the years, the financial industry, globally and in India, has been working towards transforming the ecosystem to make it more secure. However, the increasing sophistication of fraud threats demands a more proactive approach. Robust compliance mechanisms are essential to prevent and detect fraud, and to protect all participants in the financial ecosystem.

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